China Blasts New US Tariff Threat, Warns It Will Retaliate

China Blasts New US Tariff Threat, Warns It Will Retaliate

China Blasts New US Tariff Threat, Warns It Will Retaliate

The statement said that Trump asked the United States trade representative to determine $200 billion worth of Chinese goods that could be targeted by the 10 percent tariff.

Last week Mr Trump announced the U.S. would impose 25% tariffs on $50bn worth of Chinese goods. Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual property theft. That follows the plan for tariffs on US$50b of Chinese goods - which comes into effect on July 6.

"China's threat "clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", Trump said Monday".

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said in a statement announcing the possibility of additional tariffs.

The US leader warned he would go even further, with punitive measures on an extra $200 billion of Chinese goods - for a possible total of $450 billion of goods, or most Chinese imports - "if China increases its tariffs yet again".

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion previous year, according to USA figures) than come back in the opposite direction ($130 billion).

"This practice of extreme pressure and blackmail deviates from the consensus reached by two parties through many negotiations, and it also disappointed the worldwide community", said a forcefully worded statement from the Commerce Ministry.

"However, and unfortunately, China has determined that it will raise tariffs on Dollars 50 billion worth of United States exports".

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In a call with reporters reported by Bloomberg on Monday, Navarro said he had no information about the deal, signaling that Trump could have made the agreement with Apple without consulting his top trade advisers. The list was created using a computer algorithm that chose products to hurt Chinese exporters while limiting the impact on United States buyers. Earlier this month, the Trump administration gave ZTE a reprieve for breaking a sanctions settlement after the company agreed to pay fines, change management and agree to American oversight.

Washington's dispute with China is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

"The latest headlines from Trump are pushing investors to risk-off-mode", said Shintaro Ikeshima, chief manager of forex and financial products trading division at Mitsubishi UFJ Trust and Banking Corp.

In announcing the possibility of new $200 billion in tariffs, Trump mentioned that he still has an "excellent relationship" with Chinese president Xi Jinping.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies.

"This trade dispute will lead to relatively small effects in two economies that collectively add up to about $30 trillion in annual GDP".

By targeting goods that are finished in China but whose components are often sourced from neighboring South Korea, Japan and Taiwan and more, the US strategy could hurt the economies of America's allies too. Those could take a long and painful trade fight.

"Neither side will be brought to its knees - which is one reason to think the trade dispute could drag on", research firm Capital Economics said in a note to clients on Friday.

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